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as filibusters, are of ancient origin. it was reported while caesar was in spain, the election of consuls was approaching. applied to the senate for permission to stand a candidate, but they reject the request and prevented his success gaining time with which he spun the debate until it was too late to conclude on anything that day. it's only been around 2064 years. don't believe the left when they say it was created in 1865. byrd would say otherwise. another speaker, norm, glad he's two seats away from me as i quote him, from 2005, said some things about republicans attempt to use nuclear options, options that i agree with. now, let me imp size this is a radical step it's taken. this will require breaking the rules, steam rolling the parliamentarian, and i've been disappointed in the reporting on the issue which tends to ice a kind of gloss and shorthand over matters making it appear as we are appearing to do it with a majority, just not elected to do it before. that's not the case. it's clear in the rules if you challenge a rule on constitutional grounds, that challenge is debatable, an
and i'd be happy to answer your questions. spain mr. chairman steve from cnbc. i have a lot of questions but i will offer a few here. why are there different targets for qe and for the funds rate? what does that achieve? secondly, what good is a target if you have to reference a calendar date. you pointed out in the statement that it's different from the calendar in october. do you have to keep doing that from now on and thirdly -- then you have another paragraph after that says, it's not just targeting something else though it's unclear what that these targets are if you have to reference the calendars date and the next calendar date it's not really targeted. >> well, first as i said the asset purchases and the rate increases have different objectives. the asset purchases are about creating near-term commitment creating growth and job commit in the near-term and the increases in the federal funds rate target when they ultimately occur are about accommodation. they are two very different objectives. secondly, the asset burgesses are a less well understood tool. we are learning over time
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